Porter Hedges Represents U.S. Well Services in its Acquisition by ProFrac Holding Corp.

Porter Hedges represented U.S. Well Services, Inc. (NASDAQ: USWS) in its sale to ProFrac Holding Corp. (NASDAQ: PFHC) (“ProFrac”). The transaction will be stock-for-stock with an exchange ratio of 0.0561 shares of ProFrac Class A common stock for each share of USWS Class A common stock. Based on the ProFrac closing price of $21.49 on June 21, 2022, the last trading day prior to announcement of the deal, the merger agreement represents an aggregate equity consideration, after conversion of all convertible instruments, of approximately $270 million and enterprise value of approximately $400 million. The acquisition is expected to be completed in the fourth quarter of 2022, subject to the satisfaction of customary closing conditions, including the approval of USWS stockholders.

U.S. Well Services, Inc. is a leading provider of hydraulic fracturing services and a market leader in electric fracture stimulation. The Company's electric frac technology dramatically decreases emissions and sound pollution while generating exceptional operational efficiencies, including significant customer fuel cost savings versus conventional diesel fleets.

ProFrac Holding Corp. is a growth-oriented, vertically integrated and innovation-driven energy services company providing hydraulic fracturing, completion services and other complementary products and services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources.